When supply chain challenges came hard and fast during the pandemic, many businesses and buyers were caught off guard, and inventory became the talk of the town. Fast forward a bit, and businesses burned by this scenario aren’t taking any chances moving forward. According to recent reports, supply chain management is top on the priority list for many companies, and a few key trends stand out.
The Association for Supply Chain Management recently convened for the organization’s annual conference, an event capped off by a vote on what ASCM members believe are the top trends in supply chain for 2024.
1. Digital Supply Chains
This year, the concept of big data and analytics was dethroned as #1, replaced by a new top trend as defined by ASCM members: the digital supply chain.
As antiquated paper processes go the way of the dinosaur, it brings along with it improvements in streamlining, resilience, and agility. Supply chain leaders who leverage digital tools will find themselves better prepared and more able to handle dynamically changing orders.
2. Supply Chain Investments
A newcomer to the ASCM list this year — and the fastest climbing — is supply chain investments in both systems and people. This emphasizes just how much corporate leaders now see the value in prioritizing their supply chains and the benefits of adding talent and tech tools to ensure visibility and, ultimately, success.
3. Relocation
According to new research by Accenture, “the most resilient companies captured 3.6% more growth than their less resilient rivals, giving them a clear performance advantage.” This leads us to our next trend, which is relocation. Reshoring continues to hit record levels, and Accenture adds that many companies are turning local for their supply chain needs. Specifically revealing that, by 2026, 85% of companies plan to manufacture and sell their products in the same region. In this way, companies ensure they are addressing the vulnerabilities that arose from their highly globalized supply chains in recent years.
Ultimately, an emphasis on addressing turbulent supply chains has led manufacturers to place money, people, and aggressive strategy at the forefront of their efforts in the hopes that stability will lead to better business and more opportunities.
